The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-06-24
CONDITION OF THE MARKETS
Wheat Steady and Firm. Except When
the Cash Option Is Pressed for Sale.
Corn Quiet. the Trading Being Chiefly Con-
fined to Deferred 0ptions-Light Business
in Oats-ProVisions Fairly Active.
MONEY, BONDS AND STOCKS.

a Marked Increase of Business, hut Securi-
ties of All Kinds Bring Lower Prices.
NEW YORK, June %. Money call loaned
Mt bis per cent, the last loan being made at
per cent. closing al I2 per cent. bid
Prime mercantile paper, 506 per cent.
Sterling exchange was dull and unchanged.
The total sales of stocks to day were 4S2 5l4
shares. including the following: Canada South
srn, 5. 585: Delaware, Lackawanna & Western,
$40; Delaware g. Hudson. 4. 709; Erie, 20. 300;
Kansas g. Texas. 3.340; Lake Shore, 1850;
Louisville q Nash vile, il, 00O Missouri Pacific,
S975; Northwestern, II, $50: New Jersey Cen
trail, 6, 200; Northern Pacific, 63i0; Pacific Mail,
10, $50; Reading. 102, 937; St. Paul. 34,670; St
Paul Sc Omaha. $500; Texas Pacific, $3.50;
Union Pacific. 1855; Western Union, 80, 325;
Wheeling q Lake Erie, BIO
The transactions at the Stock Exchange to-
day were the largest for many weeks, but this
Increase in business was entirely at the expense
Of quotations. The uneasy feeling the
Western failures was aggravated this morning
by rumors to the effect that the American Ex-
change Bank Of Chicago was in trouble, and, al
though the story met with prompt denial some
pelling INDUCED in. and in the absence
of auy support whatever. London doing nothing
and orders from out of town being delayed by
the interruption OF telegraphic communication,
The bearIsh room traders made the most Of their
advantage and attacked the list a. every vulner-
hD6 point numerous STOP ORDERS were uncOV-
bred. especially in Jersey Central and Richmond
81 West Point Other rumors of a damaging
character were set afoat. one stating that the
yce-president and manager or the Fidelity
Bank had been heavy specula-
tor in the stock market, and that
his holdings were being realized upon.
Money was manipulated up TO Is per cent. and
in the general confusion the announcement of
the favorable feature met with recognition.
The market was kept in feverish, and, at
times. even panicky state throughout the day.
and the recovery at different periods lacked
force and amounted TO little. The opening WAS
steady and quiet, and the market presented the
same general features usual of late, though New
England developed marked weakness which
soon extended TO the entire list. After the end
of the first hour the downward movement
assumed large proportions. and New England.
Jersey Central. Richmond q West Point, and
several others became conspicuous for declines,
while the amount of business done underwent a
heavy increase. A general reaction was had.
after noon, but the gains were confined TO frac-
tions. St. Paul led off on the decline which fol-
lowed. and prices further depressed before
2 p. M. when the lowest figures of the day. were
generally reached The activity was largely
reduced on the succeeding rally. but the
decline removed in the last hour,
and although the close
recovery from This decline the marker was weak.
with many stocks at rhe!r lowest prices. The
active list without exc tion, Is lower this even
ing, the heaviest loses oeing New England, 81;
Richmond d. West Pc. q, 2s; Omaha. Il; Canada
Southern. Wheeling & Lake Erie, Jersey Cen
ITal ana Union hclHc, MISSOURI IL,
81. Paul, Reading and Northern Pacific pre-
ferred, 1t: Northwestern and Western Union. q;
Oregon & Transcontinental Lake Shore, Kan
sas q Texas and Lackawanna, l per cent.
Railroad bonds did not share the excitement
in the share market, although they were weak
in sympathy. The speculative issues became
again active. however, and Atlantic & Pacific in
comes furnished s223. 900 and West Shore fonrs
Sl37 900 out of a total days business of $1.416,-
600. Prices remained heavy throughout. and
closing figures generally show small declines.
Government and State bonds were dull and
eteady Closing quotations were.